If Insurance Proceeds Are Received for Property Used in a Trade

question 79

True/False

If insurance proceeds are received for property used in a trade or business, a casualty transaction can result in recognized gain but cannot result in a recognized loss.

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Definitions:

Foreign Material

Substances or objects present within an organism or system that are not naturally occurring or part of the system itself.

Forceps

An instrument used to grasp tissue and to clamp blood vessels.

Foreign Body

An object or substance present within an organism that is not naturally produced by or should not be inside the organism.

Objects

Items, physical entities, or data structures in programming that can be manipulated, or tangible materials of interest or use.